Turkey: Consumer confidence drops in May
June 16, 2011
In May, the consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, dropped to 92.9 pointsfrom 93.5 points in April. Consumer confidence has idled below the 100-point threshold that separates optimistic from pessimistic territory since May 2006. Nevertheless, at the current level, consumer sentiment is 7.2% higher than in the same month the year before and suggests a recovery in consumer confidence, which bodes well for private consumption going forward. Consumer sentiment decreased as short-term expectations regarding households' purchasing power and the general economic situation, deteriorated over the previous month. As a consequence, prospects for purchases of durable goods dropped strongly compared to April.